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Capex

Upstream oil and gas pumpjack and production infrastructure, U.S. E&P operations

New Year, New Budgets: 2026 Capex Plans Finalized

The first week of January is when the real work begins. Holiday budgets are over; the spreadsheets are locked. Across the upstream sector, operators have finalized 2026 capital programs and the picture is coming into focus: disciplined growth, modest spending increases from 2025 levels, and a continued emphasis on returns
CIR Research Desk 06 Jan 2026
Upstream oil and gas pumpjack and production infrastructure, U.S. E&P operations

2026 Budget Season Wrap: Industry Capex Totals

The 2026 capital budget cycle has largely completed, with most major E&P operators releasing preliminary budgets at their analyst days and investor conferences through November and December. The headline number: the U.S. upstream industry is set to spend approximately $130–$140 billion on exploration and development in
CIR Research Desk 17 Dec 2025

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